The commercial high court, presided over by Justice Eric Kyei Baffour, a Court of Appeal judge sitting with additional responsibility as a high court judge, has dismissed the “submission of no case” application made by defendants in the case of the Republic versus William Ato Essien and three others (the Capital Bank case), ordering the accused persons to open their defence forthwith.
The accused individuals – William Ato Essien (first), Tetteh Nettey (second), Fitzgerald Odonkor (third) and Kate Quartey-Papafio (fourth) – have been charged with 26 counts of conspiracy to steal, contrary to Section 23 (1) and 124 (1) of the Criminal and Other Offences Act 1960 (Act 29); abetment of crime, namely stealing, contrary to Sections 20 (1) and 124 (1) of the Criminal and Other Offences Act 1960 (Act 29); stealing, contrary to Section 124 (1) of the Criminal and Other Offences Act 1960 (Act 29); and money laundering, contrary to Section 1 (1) a of the Anti-Money Laundering Act 2008 (Act 749).
The first accused faces 19 out of the total 26 counts. The second accused faces six counts, the third accused five counts and the fourth accused faced only three out of the 26 counts.
The state, after calling 17 prosecution witnesses, closed its case against the accused persons on 29 April 2021. Following the closure of the state’s case, defence lawyers indicated to the court their desire to make a “submission of no case” to answer for the charges levelled against their clients.
By court
Justice Eric Kyei Baffour’s court in its ruling today the 8th of July 2021, held that on counts 1, 2, 3 and 4, which involved the transfer of GHC100 million to All Time and subsequently to MC Management Services, which was later used as initial capital of sovereign bank by the second accused person, the state has established a prima facie case against the first, second and third accused persons.
On counts 5 to 11
On counts 5 to 11, which involved the transfer of GHC65 million out of the Bank of Ghana (BoG) liquidity support of GHC620 million to Capital Bank, to Nordea Capital Ltd, with the remaining GHC35 million of the GHC65 million being paid into a Fidelity Bank account of Brietling Services, a company also established by the first accused person, Justice Kyei Baffour’s court held that the state has clearly proven that out of the amount of GHC65 million, the first accused person, aided by the third accused person, caused GHC30 million to be transferred to MC Management Services, which was represented to BoG as additional initial capital of Sovereign Bank by the second accused person.
“A defence and explanation from the accused persons is well elicited,” the court said.
Counts 12 to 23
On counts 12 to 23, it is the contention of the state that between June 2015 and October 2016, the first accused, with the support of the third accused, appropriated a total of GHC27.5 million of the liquidity support which was conveyed in jute bags to the first accused and purportedly used as payment for business promotion.
The court ruled that the state has proved sufficient evidence to support their claims with regard to counts 12 to 23, and it will only be right that the accused persons be given the opportunity to defend themselves in that regard.
The last three counts
The last three counts – 24, 25 and 26 – indict the first and fourth accused persons. Essentially, the state claims that in June 2017, in furtherance of the conversion of portions of the GHC620 million liquidity support, the first accused caused a sum of GHC100 million to be paid into a Capital Bank account held by the managing director of the following three companies – Maripoma Enterprise Ltd, Hardwick Ltd and Volta Impex Enterprise Ltd – opened purposely to receive the amount.
The GHC100 million was to be used by the managing director of the three companies ostensibly as payment for 30% shares in Capital Bank. As a cover up of the conversion, the first accused prevailed on the managing director of the companies to submit copies of government payment certificates of the three companies valued at GHC135 million to be discounted to GHC105 million by Capital Bank, to be used as collateral for the purported loan of GHC100 million.
The state further contends that the first accused then caused GHC70 million out of the GHC100 million that had been previously paid into the managing director’s account at Capital Bank, to be transferred to the fourth accused person’s account with Cal Bank Ltd.
The first and fourth accused persons subsequently caused the amount of GHC70 million in the Cal Bank account of the fourth accused person to be further transferred into a personal account of the fourth accused purposely opened at Capital Bank to receive the amount. Additionally, some time in 2017 after Capital Bank had gone into receivership, the fourth accused, even though fully aware that Capital Bank had gone into liquidation, attempted to withdraw the whole amount of GHC70 million that had been lodged in her personal account with Capital Bank but was prevented from doing so by the receiver.
The fourth accused
The court held that the state failed to establish a prima facie case against the fourth accused in respect of the last three counts and they are accordingly acquitted and discharged.
“The fourth accused person acted childishly but the law does not punish the foolish but the one who acted with evil intent,” Justice Eric Kyei Baffour ruled.
In essence, the fourth accused person, Kate Quartey-Papafio, a businesswoman who is also the chief executive of Reroy Cables Ltd, is out of the case, leaving just the first three accused.
The court consequently adjourned sitting to 22 July 2021 for the defence to open its case to answer to the charges against the three men.
Prosecution witnesses
In all, the state called 17 witnesses for the prosecution.
Among the witnesses were Vish Ashiagbor, one of the receivers appointed to wind up Capital Bank; Michael Kwame Amoako-Atuobi, a former relationship manager for Capital Bank; Emmanuel Kontoh Arthur, a former general manager in charge of treasury at Capital Bank; Sharon Okwaa Boateng, a former supervisor of the cash management unit at Capital Bank; Benone Yaw Asihene, a former special assistant to the executive committee; Donatus Kwesi Freitas, an officer of the Bank of Ghana; Daniel Gaikpah, the former chief banking officer in charge of operations with Capital Bank; and Lawrence Otoo, a banker.
The rest are Felix Koranteng-Asante, a businessman who dealt in installation of CCTV cameras; Peter Amadu Iliasu, the former chief executive of All Time Capital Ltd; Aseye Seyram Komla Akotia, a former vice-president in charge of investment with All Time Capital Bank; Kwame Achampong Kyei, a former chairman of Sovereign Bank; Edem Bart Williams, a former chief executive officer of Nordea Capital; Ali Seidu, chief executive officer of Maripoma, Volta and Impex Ltd; Teddy Friko, assistant to Ali Seidu; Chief Superintendent Ernest Frimpong of the Special Investigations Team; and Joseph Oppong, the investigator.
Representation
The state was represented by Marina Appiah Opare, a chief state attorney.
For the defence, Baffuor Gyau Bonsu Ashia represented the first accused person, Addo Atua the second accused person, and Justin Amenuvor appeared for the third accused.
K T Hammond and Godwin Tameklo represented the fourth accused.
Wilberforce Asare
Asaase Radio 99.5 – tune in or log on to broadcasts online
Follow us on Twitter: @asaaseradio995
#AsaaseRadio
#TheVoiceofOurLand
#WeLoveOurLand
